Around the World: Economics professors urge their students to resist banks’ lure

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A whole new FX-focused bank has opened in London, and other stories of big hiring in FX businesses

Tens of thousands of jobs may be disappearing in the City of London, but there is still hiring in FX. Swiss-based online FX trading specialist MIG Capital announced the opening of its new office in the City last week. The FSA register shows that MIG currently employs only four registered people in the City, but MIG tells us it will be hiring some more people soon. [UK]

Two economics professors describe how investment banks lure their students, and why students should resist

Joris Luyendijk, the anthropologist and journalist who’s been interviewing bankers and their friends for the Guardian, has spoken to two professors of economics, one at Oxbridge and one at an unnamed university in London (probably the LSE) about the career choices of their students. Both paint a remarkably similar portrait of naïve undergraduates tempted into banking by the promise of a glamorous life and insufficiently engaged with their studies. Here are the best bits from both interviews. [Russia]

Banks in Hong Kong admit they face a clear and present danger: staff attrition to the corporate sector

It seems slightly counter intuitive, given that a lack of vacancies is forcing some workers to stay in their roles without any encouragement from their employers, but banks in Asia are facing a serious retention threat. An increasing number of people are leaving financial services this year for roles in other sectors, according to the 17 senior HR professionals from leading international banks who attended the recent eFinancialCareers roundtable in Hong Kong. [China]

Barclays will recruit 100 people in the Middle East this year

Barclays is sticking its head above the parapet and making a bullish statement about its growth prospects in the Middle East by unveiling plans to hire 100 people in 2012. [Middle East]

If you want to work in M&A in Ireland, these are the sectors to seek and to avoid

Typically, M&A bankers are sector-focused. Some banks, such as Bank of America Merrill Lynch, are said to be pooling their junior bankers in generic sector teams, but for the most part sector-specialism remains the rule. The new Irish M&A tracker survey from NCB Stockbrokers highlights which M&A sectors are active in the Republic, and which you may wish to avoid. As a rule of thumb, health and pharma M&A teams are hot. Retail teams aren’t. [Ireland]

The reality of finding a new job in Australia – either take less money or have double the skills as the person you replace

There is little doubt that the non-mining-based sectors of Australia are struggling, with many economic commentators suggesting they are virtually in recession (or at best showing limited growth). This is no more apparent than in financial services, as illustrated by the raft of recent job cuts at major banks. Rumors of future layoffs at investment banks are also testament to the weakness in this sector. [Australia]

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